Serica sells Indonesian, Vietnam assets for $98.6m

UK oil, gas firm Serica Energy plc announced on Monday that it has sold some of its interests in Indonesia and Vietnam to a recently formed private E&P company based in Singapore KrisEnergy Limited for US$98.6 million in cash

The assets to be sold comprise a 25% interest in the Kambuna gas field in Glagah Kambuna TAC, offshore North Sumatra, a 24.6% interest in the Kutai PSC in East Kalimantan and a 33.33% interest in the Block 06/94 PSC in Vietnam, the company said.

?This sale will enable Serica to focus its resources on next year's exploration programme and on any suitable acquisitions,? it said.

Serica's financial adviser is J.P.Morgan Cazenove.

Following this sale, Serica's interests in Indonesia will comprise a 25% interest in the Kambuna field, a 30% interest in the Kutai PSC and a 100% interest in the East Seruway PSC. The Company will no longer hold any interests in Vietnam.

Completion of this transaction is subject to joint venture partner and regulatory approvals, it added. (denny)